Date Posted: 5/13/2013
The Chore of Recordkeeping
By Steve Kania
In the midst of the digital age here in 2013, the idea of recordkeeping seems almost “old school.” Shouldn’t payroll records all be online somewhere?
Indeed, a good online payroll service should allow you and your clients to see online payroll reports 24/7 (monthly, quarterly, annual, etc.). In lieu of that, though, advise your clients that whenever an employee is paid with a manual check (such as for a bonus or a paycheck advance), the company should save a copy. Also let them know that certain forms and records, such as W-4 forms, timesheets and canceled checks, should be kept for at least four to six years in case they’re needed during an audit.
Direct deposit and online reports make this much easier and really, in today’s day and age, there is no reason to have this all in a filing cabinet. Consider a Cloud-based solution to protect yourself from any physical damage that could occur to paper documents.
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